And according to chief executive Ivan Gazidis, an announcement on the long-serving manager's future will be made "at the right time."

The 64-year-old has led Arsenal since arriving from Japanese side Nagoya Grampus Eight in 1996, taking the club to three Premier League titles and four FA Cup's.

"We’ve always supported Arsene, the board has always been completely behind him as has (owner) Stan Kroenke," said Gazidis, when asked about the long-serving manager whose contract expires at the end of the season.

"We are comfortable in the position, relaxed about it.

"As I’ve said before, Arsene will be extending with us and at the right time we’ll make that announcement," he added.

Gazidis was speaking as Arsenal announced a new partnership with German sportswear company Puma.

Although no official figures were confirmed on Monday, the commercial deal has been described as "the biggest deal in Puma and Arsenal's history".

The Gunners are understood to receive around £30million a year from main sponsors Emirates Airlines, and it has been reported the new deal will be for a similar amount when Puma takes over from Nike, who Arsenal have partnered since 1994.